Loar Holdings, LLC (NYSE:LOAR) Short Interest Down 21.6% in December

Loar Holdings, LLC (NYSE:LOAR) saw a large drop in short interest in December. As of December 15th, there was short interest totalling 1,380,000 shares, a drop of 21.6% from the November 30th total of 1,760,000 shares. Based on an average daily trading volume, of 448,700 shares, the short-interest ratio is presently 3.1 days. Approximately 1.9% of the shares of the stock are short sold.

Loar Trading Down 0.6 %

Shares of LOAR stock traded down $0.42 during mid-day trading on Monday, reaching $74.43. 700,143 shares of the company’s stock traded hands, compared to its average volume of 363,860. Loar has a 12 month low of $42.57 and a 12 month high of $96.99. The company’s 50-day moving average price is $84.17 and its 200-day moving average price is $72.85. The company has a debt-to-equity ratio of 0.78, a quick ratio of 2.28 and a current ratio of 3.95.

Loar (NYSE:LOAR) last announced its quarterly earnings data on Wednesday, November 13th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The company had revenue of $103.52 million for the quarter, compared to analysts’ expectations of $97.30 million. The company’s revenue for the quarter was up 25.0% compared to the same quarter last year. On average, equities analysts predict that Loar will post 0.28 EPS for the current year.

Analysts Set New Price Targets

LOAR has been the topic of a number of recent analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 price target on shares of Loar in a report on Thursday, November 14th. Morgan Stanley raised their price objective on shares of Loar from $75.00 to $89.00 and gave the stock an “equal weight” rating in a report on Monday, November 18th.

Insider Activity at Loar

In other news, Director Raja Bobbili sold 987,248 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $81.17, for a total value of $80,134,920.16. Following the completion of the sale, the director now owns 36,713,441 shares of the company’s stock, valued at approximately $2,980,030,005.97. The trade was a 2.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Brett N. Milgrim sold 120,305 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $81.17, for a total value of $9,765,156.85. Following the transaction, the chairman now owns 3,865,327 shares in the company, valued at approximately $313,748,592.59. The trade was a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,135,706 shares of company stock valued at $92,185,256.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Abrams Capital Management L.P. bought a new stake in shares of Loar during the second quarter valued at approximately $2,052,780,000. Federated Hermes Inc. bought a new stake in shares of Loar in the 2nd quarter worth $38,952,000. Lord Abbett & CO. LLC raised its stake in shares of Loar by 71.7% in the third quarter. Lord Abbett & CO. LLC now owns 1,009,558 shares of the company’s stock worth $75,303,000 after purchasing an additional 421,637 shares during the last quarter. State Street Corp lifted its holdings in shares of Loar by 413.3% during the third quarter. State Street Corp now owns 416,531 shares of the company’s stock valued at $31,069,000 after purchasing an additional 335,376 shares in the last quarter. Finally, Fred Alger Management LLC purchased a new stake in shares of Loar during the second quarter valued at $13,085,000.

Loar Company Profile

Loar Holdings Inc, through its subsidiaries, designs, manufactures, and markets aerospace and defense components for aircraft, and aerospace and defense systems in the United States and internationally. It offers products in various categories, which include airframe components, structural components, avionics, composites, braking system components, de-ice and ice protection, electro-mechanical, engineered materials, flight controls, fluid and motion controls, environmental, metal forming, molded components, and restraints and safety devices.